Tuesday, June 28, 2016

Tuesday, June 21, 2016

I have quite a lot of exposure to U.S. dollars, but I also have exposure, maybe 30% of the cash, in Euros, and in Euro bonds, denominated in Euros. I also own Russian assets and I have Singapore dollars, and I have some Hong-Kong dollars. But, in general, I don't think that cash will be a very good investment - in the sense that, hey, you have no interest at the present time, you have risks with the banks, because the bank can fail, and you have also a higher risk of wealth expropriation through taxes - in other words, in Europe. So, cash is not the most desirable. But, equally, if you buy shares, okay, Russian shares are inexpensive, and in many other emerging economies they are also relatively inexpensive. But, in the United States, the stock market is at a very high valuation, price to earnings, price to sales, and so forth. So, I don't think that stocks will perform well.

Tuesday, June 14, 2016

We never really came out of the 2007-2008 recession. We had massive fiscal stimulus, we had massive monetary stimulus. In other words - if you just throw money at the system, then spending goes up, but there are, still, huge imbalances, and in my view, the world is facing very-very low growth going forward, very-very low growth. There are structural reasons for that. We have a horrible, I repeat, horrible bureaucracy in Brussels, in the EU, that basically is slave of the U.S. - the U.S. dictates a lot of policies in Europe, including that they've also blackmailed Mrs. Merkel to be hostile against Russia. Russia and Germany, Russia and Europe were historically very close to each other, but this has now changed.

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